IoT platform Thingsup raises seed funding from Silverneedle Ventures
- ByStartupStory | December 13, 2022
The start-up has raised $600K in a seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF, an existing investor, and other angel investors. Thingsup – IoT Platform and Monitoring Solutions is a Maharashtra based software company that was founded in 2016. The start-up has raised $600K in a seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF, and other angel investors.As per the sources, the investment will be used to increase the product development, sales and operations teams. They are planning to launch two more solutions focusing on solving EV OEM’s problems related to vehicle performance, diagnostics and Compliance.
The company was founded by Akshay J Ghadage and Pranav H Naiknavare. “These funds will be utilised to add further integrations and analytics to current products, which will allow customers to get more data insights and improve operational efficiencies on global scale.” “IoT is not hyper anymore, more than 50% of physical things will be connected to the internet in the next five years. In this growing trend of digitalisation and IoT, we believe we have got the right timing with the right offering,”they said.
“The IoT platform SAM for ThingsUp is about USD 5 billion and use cases within subsegments such as EV mobility and smart devices are expected to grow at about 30 per cent CAGR over the next 5 to 7 years. Hence, the market is large enough for Akshay and the team to be able to gain a fair share of the pie.” said Abishek Balendran the Investment Partner of Silverneedle Ventures.
Things Up is an IoT Platform and Devices Suite developed by iobot. iobot Technologies is India’s leading IoT Solutions Company based out of Pune, Mahsarashtra. iobot has developed 30+ IoT Solutions in 5 Years since operations in the domains Cold Supply Chain, Fleet Management, Machine Monitoring, Smart Agricultures and Smart Homes etc.The major focus of this firm is on the electric vehicle mobility and cold supply chain logistics segment. They have device manufacturers, Platforms, Data Analysis Tools, Machine Learning Models and many more.
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